Full Time Social Security

[OneMarcilV]

I have no experience with this, but it makes sense to me.

What happens if you have them reduce your benefit now because you are working, but part way through the year you stop working for some reason, and stayed under the limit? It would seem complicated to get the benefits back.

Just estimate how much the overage is each month or paycheck, and set that aside in a separate money market account, and at the end of the year use that to pay taxes. Or have the extra withheld from your paycheck. Most places will allow an extra amount of taxes to be withheld.

I was thinking about doing that. Can also put this in out companies savings plan because the company matches up to a certain amount.

For example the earnings are 27,040.
Minus 17,640 the difference is 9,400. If I take the 9,400 and put that in the companies retirement plan. Social Security would not see the 9,400 as earned income?

 

[OneMarcilV]

I found out even though anything over what Social Security will let one earn even though that us invested in a retirement account is considered earned monies.